More than 60 mergers and acquisitions (M&A) have already been reviewed in the past year as the Philippine Competition Commission (PCC) begins to enforce the landmark antitrust law of the country.
On the PCC’s first anniversary, Chairman Arsenio M. Balisacan asserted the jurisdiction of the PCC and cited the more than 60 M&A, which have been reviewed by the commission, as recognition by the private sector of its role in ensuring healthy competition in the business environment.
“While still young, the PCC has been vigilant in safeguarding market competition to ensure consumer benefit,” Balisacan said in a statement on Thursday.
The Philippine Competition Act, or Republic Act 10667, took effect on August 8, 2015, and established the PCC as the independent quasi-judicial agency to guard against anticompetitive M&A and abuses of market dominance.
Since its official organization only in February of this year, the PCC had already processed and decided on over 60 M&A, which were voluntarily submitted for the PCC’s review by the parties to the transactions.
The M&A covered a diverse range of industries, including health care, retail and telecommunications, the PCC said.
Balisacan said the agency would engage the public in discussions to educate them about anticompetition practices and allow them to participate in guarding against illegal activities.
“We believe that engaging the public is one of the best ways to ensure that their welfare is the primary consideration on the exercise of our mandate,” Balisacan said.
He said the PCC would continue to serve its mandate of promoting competition among rivals in various industries to make goods and services better for the consuming public.
“I hope the business community will see the PCC not as an additional burden or red tape, but as their partner in making our country more attractive to investments. The PCC will continue to serve its mandate, which we believe is a vital contribution not only for sustaining the Philippine economy’s robust growth, but also for making this growth more inclusive,” Balisacan said.